PakGazette– Bitcoin rose on Wednesday, extending an overnight rally after the Securities and Exchange Commission under President Donald Trump said it was preparing a new regulatory framework for cryptocurrencies.
The news increased confidence that Trump will deliver on his promises of cryptocurrency-friendly regulation, leading to gains across the sector. The president’s recently launched memecoin also rose, although it traded well below its post-launch highs.
Cryptocurrency markets had initially fallen after Trump’s inauguration, as the 47th president failed to mention cryptocurrencies in a flurry of executive orders issued on his first day in office.
rose 4.3% to $105,683.7 at 01:01 a.m. (CET) (06:01 GMT). The world’s largest cryptocurrency hit a record high of over $109,000 just before Trump’s inauguration, but failed to maintain those levels.
SEC presents cryptocurrency working group to draft regulation
The SEC, under the leadership of Acting Chairman Mark Uyeda, who was appointed by Trump, said on Tuesday that it had created a working group to help draft a crypto regulatory framework.
The task force will also help other government agencies draft cryptocurrency-related legislation, including the Commodity Futures Trading Commission.
Trump is also expected to issue executive orders that will reduce regulatory scrutiny of cryptocurrencies while bolstering digital asset adoption.
The president had campaigned with a pro-cryptocurrency stance, promising to make the United States the “crypto capital” of the world.
Trump’s leadership is expected to cause the SEC to drop its long-running lawsuits against several major crypto companies, including Coinbase (NASDAQ:) and .
Trump calls $TRUMP returns ‘peanuts’
Trump confirmed that he was behind the newly launched memecoin, but dismissed questions asking him about the token’s excellent performance since Friday.
At an event at the White House, Trump told a reporter that he was unsure of the memecoin’s performance. When asked about the billions in paper profits he had added to his personal wealth, Trump said “several billion? That’s a pittance for these guys,” although it was not immediately clear who he was referring to.
While $TRUMP was initially received positively by traders, its subsequent volatility and the less well-received launch of $MELANIA raised questions about Trump’s ethics in using his influence to tilt speculative assets in his favor.
The broader volatility of the cryptocurrency market also increased dramatically after the launch of the memecoin.
$TRUMP rose nearly 28% to $43,068 on Wednesday.
Crypto Price Today: Altcoins Rise Following Bitcoin
Broader cryptocurrency prices advanced at the same pace as Bitcoin. The world’s No. 2 cryptocurrency rose 3.1% to $3,323.10, while it was up 4.5%.
and added between 5% and 11%, while among memecoins, it rose 9.1%.
